- #PSPProjects emerges as L1 bidder for #RVNL project in #Gujarat
- #SomDistilleries beats estimates in its Q3 earnings
Hiral Dadia and Hersh Sayta bring you small and midcap stocks to keep up with on 'The SMID Show'. #NDTVProfitLive
Guest List:
Prahala Shivram Patel, CMD PSP Projects
J.K. Arora, CMD, Som Distilleries & Breweries
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- #SomDistilleries beats estimates in its Q3 earnings
Hiral Dadia and Hersh Sayta bring you small and midcap stocks to keep up with on 'The SMID Show'. #NDTVProfitLive
Guest List:
Prahala Shivram Patel, CMD PSP Projects
J.K. Arora, CMD, Som Distilleries & Breweries
_______________________________________________________
For more videos subscribe to our channel: https://www.youtube.com/@NDTVProfitIndia
Visit NDTV Profit for more news: https://www.ndtvprofit.com/
Don't enter the stock market unaware. Read all Research Reports here: https://www.ndtvprofit.com/research-reports
Follow NDTV Profit here
Twitter: https://twitter.com/NDTVProfitIndia , https://twitter.com/NDTVProfit
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TVTranscript
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01:25 Good morning and welcome.
01:34 You're watching the Small and Mid-Cap Show on NDTV Profit.
01:37 I'm Harsh Saita.
01:38 Quick check where markets are at.
01:41 You're looking at around a 0.5% cut on the Nifty.
01:43 The way we started off, honestly, we'll take this one,
01:47 is what I believe.
01:49 Quickly looking at what is really causing the declines,
01:52 as well as the advanced decline ratio itself.
01:55 Now, largely, we are seeing that some bit of green
01:59 starting to creep in with regard to where
02:01 the advanced decline is.
02:02 There you go.
02:04 2 is to 1 currently, where the NSE advanced decline
02:07 ratio currently stands at in favor of the declines.
02:10 You're seeing largely the drag coming in,
02:13 or continuing to come in, from HDFC Bank,
02:16 contributed nearly 200-plus points yesterday,
02:20 negative points, contributing another 66.
02:23 So adding to some of those declines,
02:25 HDFC Bank today as well, you're down around 2-odd percent.
02:30 You also have a drag coming in from LTI MineTree,
02:34 which is contributing roughly 14 negative points, down 10-plus
02:38 percent.
02:39 That's the largest decline that we've seen from an LTI MineTree
02:42 since 2020.
02:44 So the COVID decline was probably the largest decline.
02:49 After this, we haven't seen much of this kind of a decline
02:53 with regard to LTI MineTree.
02:55 Asian Paints also down roughly 3-odd percent.
02:58 So therefore, largely, what it seems to be is,
03:01 it's a market which is more earnings-focused.
03:04 In terms of where the broader market, as well as
03:06 the sectoral indices, are doing, the broader markets are largely
03:10 trading in tandem with the Nifty 50,
03:12 around 6/10 of a percent of a decline on the Nifty mid-cap.
03:16 The small-cap index also, roughly,
03:20 you're seeing a decline of around a quarter of a percent
03:23 on the Nifty small-cap as well.
03:25 In terms of where sectoral indices are,
03:27 you're seeing most sectoral indices in the red.
03:30 Nifty PSU Bank has just crept up in the green as we speak.
03:33 Oil and gas also a wee bit in the green.
03:36 But other than that, absolutely flat,
03:38 even where the Nifty PSU Bank is concerned.
03:41 So that's where we are at, where markets are concerned.
03:43 But we have very interesting, or we
03:45 have quite a few very interesting,
03:46 managements lined up on this show, which
03:49 is a small and mid-cap show.
03:50 We always focus on those managements.
03:53 And we have PSP Projects, which is in focus.
03:55 The company has emerged as the L1 bidder for a project,
04:01 for an RVNL project, which is in Gujarat.
04:04 It's also won four other projects in Q3,
04:08 all the way up to now.
04:09 And as we spill over into Q4, around 1,450-odd crore
04:14 of projects won.
04:15 And it's expecting to expand its footprint from Gujarat
04:19 into other states.
04:20 It's targeting an annual revenue growth of roughly 15% to 20%.
04:24 And we have with us Prahlad Shivram Patel, who
04:27 is the CMD at PSP Projects, who's
04:30 here to talk to us about what's happening.
04:33 So talk to us about, in particular, this order win,
04:36 as well as the 1,450-odd crores of additional orders
04:39 that you've won.
04:40 Give us some color with regard to orders, the pipeline,
04:43 as well as also if you can tell us
04:46 how margins will look with some of these incremental orders
04:50 that have come in.
04:52 Good morning.
04:54 First of all, talking about the order which we have won
04:56 for RVNL.
04:57 It is the Gatishakti University related to railways.
05:00 And this will be developed in Baroda.
05:02 And this project is about 630 crore
05:05 is the price for which we have won this project, excluding GST.
05:09 And this is to be completed in 24 months.
05:13 Most of the buildings has to be completed
05:16 within 15 to 18 months.
05:18 And the rest of the total project
05:19 will be completed in 24 months.
05:22 Talking about the other projects where we have stood lowest,
05:24 the road dam, which is a development of the road dam,
05:28 which is to this place.
05:29 And it is being a project by state government of Gujarat.
05:34 There is one project in Sain City,
05:35 which we have stood lowest.
05:37 There is one project of the river,
05:38 the riverfront development of Sabarmati River,
05:41 which is about 450 crore.
05:43 So talking about the L1, it is about 1850 crore.
05:47 And talking about the project which we already
05:49 can receive the orders, is about 1063 crore.
05:52 So totally, if you see the project which we have,
05:57 and we say the project which we were expecting the inflow
06:01 for this year, which we announced was 3,000 crore,
06:04 we have already reached to 2,913 crore till date.
06:08 So that's about the project.
06:10 And about the big pipeline, see we
06:12 see a lot of big bids are going on in the process.
06:16 So we as a company, we are also having about 8,500 crores
06:20 of order bid pipeline, out of which
06:23 there are a few large projects which I would like to discuss,
06:25 is the elevated station development of Delhi,
06:28 which is about 4,700 crore.
06:31 There is a new airport, expansion
06:33 of new airport at Varanasi, which is about 1,000 crore.
06:35 There is one museum in MP, Omkareshwar,
06:40 which is about 1,000 crore.
06:42 We have already bidded and tendered
06:44 for Amul Dairy, National Dairy Development Board in Rajpur,
06:47 which is about 400 crore.
06:49 There is a project also for IM, expansion of IM in Indore,
06:54 which is about 450 crore.
06:56 So totaling, it's about more than 8,000 crores
07:00 of bid pipeline.
07:01 So the output looks good for a building construction
07:05 company like us, because we are mostly
07:07 focused on large projects of medical,
07:10 or large projects of education, or large projects related
07:13 to airports in the railway stations, which
07:16 are the prime objects of government investment
07:21 as of now.
07:23 So point taken, sir.
07:25 I want to try and understand from you,
07:27 before I come to margins, as to out of this 8 and 1/2
07:29 or 1,000 crore, how many, or what's
07:32 your internal target like?
07:34 What are you looking to win in terms of orders?
07:38 So usually, we on an average, throughout the year,
07:40 the bid pipeline remains between last year,
07:43 if you have the pre-COVID or after COVID,
07:45 it was in the range of 5,000 crore.
07:47 But since last 1 and 1/2 year, we
07:48 are seeing this bid pipeline in the range of 8,500 crore.
07:52 And on an average, we usually win between 10% to 12%.
07:56 So still, this 8,400 crore, as we have already
07:59 reached to 3,000 crore, we will be moving a little bit
08:02 cautiously from here.
08:03 Because at the end of the day, growing a bid book
08:05 is not my concern.
08:07 It is more about how we deliver the project,
08:09 how we maintain our EBITDA level,
08:11 and how we perform on the project.
08:12 That's the major focus on which companies and--
08:17 So understood.
08:17 And therefore, would there be a larger thrust
08:20 on winning projects with higher margins?
08:23 And what would the nature of those projects be like?
08:27 See, as I said, the government spending
08:29 is more on infrastructures of railways,
08:31 infrastructures related to airports,
08:33 infrastructure related to medicals,
08:34 because all the government has already
08:37 announced district-wide medical college and hospital.
08:40 We are already doing seven medical colleges
08:41 and hospitals in UP.
08:43 So that will be the main focus of the company
08:47 will be in the same criteria where we have been--
08:50 we have performed.
08:52 At the same time, those things will help us
08:54 into pre-qualifier for such large project.
08:56 After completion of Solar Diamond Boost,
08:58 we have reached to that level that we can qualify
09:00 for 3,000-crore project.
09:02 So it will be in the same range and the same field
09:05 where we have been able to perform it.
09:07 Understood.
09:08 Understood.
09:09 And your expected growth kind of roadmap
09:14 is around 15% to 20% year over year.
09:17 My guess is you'll get to 2,400 crore
09:19 and then closer to 3,000 crore by FY25.
09:22 Is that how one should look at it with a 12% odd margin?
09:26 Is that the right way to look at PSP?
09:29 Yeah, of course.
09:29 This is the criteria on which we usually
09:31 build that in trying to maintain our EBITDA level between 11
09:34 and 12 or 11 and 13.
09:36 And overall, keeping the revenue growth of 15% to 20%.
09:40 At the same time, keeping the overall order
09:45 being of more than 25% from the last year's revenue.
09:49 That's how we have been doing last four or five years.
09:51 And that's how we have been able to perform.
09:53 So it's still trying to remain in the same range.
09:57 Sure, understood.
09:58 And you have roughly 250 crore of cash in your books
10:01 is what I am seeing at the end of Q2.
10:03 Please correct me if I'm wrong.
10:05 And therefore, you have another 500 crore
10:06 of cash coming over the next couple of years
10:08 at the very least.
10:10 What are the CAPEX plans like and what do you
10:12 plan to do with this money?
10:14 So usually, CAPEX in construction or building
10:17 construction companies like us, it's
10:19 not something we plan at the start of the year.
10:23 It is more about the requirement of the project.
10:25 So as in when the projects are worn.
10:26 And then the requirement of the project
10:28 is some specific requirement of sheltering
10:31 or some major machinery like tower crane or RMC plant.
10:34 But usually, whatever we have, we usually
10:36 move first from the existing plant and machinery.
10:40 But on an average, we have gone through about 3% to 4%
10:44 of our CAPEX expenditure every year.
10:49 So it will be in the same range that we
10:51 should be in the range of keeping 3% to 4% of CAPEX
10:54 doing every year, depending on the revenue
10:56 and depending on the orders.
10:59 Sure, understood.
11:00 And what are the risks from a raw material standpoint?
11:04 Are these largely hedged within the contracts you take?
11:06 So are you building the contracts for--
11:09 or are you building escalation clauses
11:12 within the contract with regard to some of the projects
11:16 that you're taking up?
11:17 So usually, private projects where
11:19 we are doing [INAUDIBLE] ranges between 30% to 40%
11:23 on the private and 60% to 70% on government.
11:25 But yes, private projects are 100%
11:27 hedged for the escalation part of cement, steel,
11:30 and other finishing materials.
11:32 But as far as government projects,
11:33 most of the projects carry escalation
11:35 through RBI index, which may give you about 75% to 80%
11:39 of what you are spending.
11:40 So more or less, it is covered through RBI index
11:43 and the escalation formulas related to indexes
11:46 of the [INAUDIBLE]
11:49 Understood.
11:49 And out of the current order book, what component of that
11:52 is government versus private?
11:54 If you can just break that up for us.
11:56 Before receiving the order book, the orders
12:00 which we have announced and the orders which we have received
12:02 still be then between 40% as private and 60% as government.
12:07 Sure, understood.
12:08 Thank you so much for this.
12:11 It's been a pleasure speaking with you.
12:13 And Mr. Prahlad, I look forward to speaking with you
12:17 one more time very, very soon.
12:19 But wishing you all the very best for the upcoming results
12:23 as well.
12:25 Well, that was, of course, the management of PSP projects.
12:27 The stock is largely flat in a tough day of trade.
12:30 In fact, it's recovered from the day's low.
12:33 But with that, let's slip into a very short break.
12:36 Up next, the management of SOM Distilleries
12:38 on the back of numbers as well as the fundraise.
12:41 And we have the management of Nazara Tech as well.
12:44 So stay tuned.
12:45 We have a packed lineup for you on this mid-show.
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16:33 Welcome back.
16:40 You're watching the Small and Mid-Cap Show here
16:42 on NDTV Profit.
16:44 I want to quickly flag off Soam Distilleries
16:46 because we have the management lined up right
16:49 after this for you.
16:51 You have the stock up and away 3 and 1/2% higher.
16:54 Strong revenue growth seen, 64% higher on a year-on-year basis.
16:58 EBITDA also up nearly 87-odd percent
17:02 on a year-on-year basis.
17:03 You're seeing margins which have expanded by around 50 whips.
17:06 That about's to the 11.95, now kissing distance to 12%, mark.
17:11 And your net profit is up a solid 71%.
17:14 18 crore is the kind of net profit they've clocked.
17:17 This company is into, of course, distilleries,
17:21 but is largely guided for a very strong growth
17:25 when it comes to its business.
17:27 They are looking at quickly ramping up its business.
17:31 And the top line, which is roughly
17:34 at an annualized run rate of around 11 to 1,200 crore,
17:38 is expected to go up significantly
17:40 to the 10,000 crore mark by FY '28 or thereabouts.
17:44 So of course, we will have-- or we
17:47 do have the management, which is the CMD of Soam Distilleries,
17:52 Mr. JK Arora joining us, with regard to also its fundraise
17:56 as well as the IT department search.
17:59 And we'll try and cover all those bases, lots of bases
18:02 to cover in a very short period of time.
18:04 Welcome to NDTV Profits.
18:05 It's a pleasure having you here.
18:07 Thank you.
18:07 Hi.
18:13 Right, so your margins have expanded by roughly 50 bps.
18:17 It's a good expansion when I'm looking at it.
18:21 What are the factors or what are the levers that
18:24 are helping you expand margins, and where do they go from here?
18:28 You see, anything, the ultimate thing is the consumer.
18:35 When consumer accepts you, everybody
18:37 accepts you with the open arms.
18:39 So in our case, the consumer is the God for us,
18:44 and it is the acceptance of the brand which has
18:48 given such a fantastic growth.
18:52 In fact, since the inception of the company in '94, '95,
18:57 we didn't have such growth from--
19:01 since beginning.
19:02 So this is quite a satisfactory performance for us,
19:07 and we are quite happy with it.
19:09 Especially when this quarter is normally
19:13 weak because of the Shah, the Ganesh, and all that.
19:19 So this quarter is generally weak,
19:22 but this time, this has been extraordinary,
19:26 and we are happy with the performance.
19:30 Understood.
19:31 And so largely what we are seeing is a 12% odd margin.
19:36 So do you therefore believe that from here,
19:39 you're going to go higher?
19:40 Is there scope to expand this further,
19:43 or 12% is where you're happy with?
19:47 No, margins are-- actually, if you look to the industry
19:53 norms, we are doing slightly better than the industry norms.
19:58 So as far as margins are concerned,
20:00 I don't think because of the pressure on the raw material
20:04 and packing material, I don't think.
20:05 But important is the market share,
20:08 and important is turnover.
20:10 The market share has been increasing, and the growth--
20:15 again, the normal growth of the 8% to 9% of the industry,
20:18 our growth for this quarter is about 77%,
20:22 which is phenomenal.
20:25 In the first quarter, normally, April, May, June
20:27 is the seasonal, where the highest growth is there.
20:31 But we had the 51%, 52% growth.
20:34 Same was in the second quarter.
20:37 But this quarter is about 77%.
20:41 And profit before tax is more than 100%.
20:45 So margins are good, but market share and the turnover
20:51 will have the same pace for at least minimum three, four
20:55 years, five years in the coming time.
20:59 Sure, understood.
20:59 And let me try and understand how
21:02 trends are playing out in the industry as a whole
21:05 while you're speaking about that piece.
21:07 So premiumization seems to be a trend which
21:11 is playing out in your space.
21:14 How are you trying to tap into it?
21:15 What are the plans here for SOM?
21:19 You see, now, actually, trend is different.
21:25 When we were in the college, we used
21:27 to look into the beer, which is 1 rupee, 2 rupees cheaper.
21:32 But now the young generation has got a lot of disposable income
21:36 with them, and they don't mind trying the new brands
21:40 with the premium brands and paying 40 rupees bottle extra.
21:46 They don't mind, but they want to have
21:49 it something new, something fun, something different.
21:53 So having this trend in view, we are
21:56 introducing a fantastic beer called
22:00 Woodpecker beer in the state of Karnataka,
22:03 which is higher than the Budweiser beer, which
22:06 is the leader in the market.
22:08 Our beer is going to be 10 rupees bottle expensive
22:13 than the Budweiser beer because of its extraordinary packaging.
22:18 First time in India, we are introducing the Twistcap.
22:23 This normally you have seen the either you open it
22:27 with the opener or you open it with the ring pull cap.
22:32 But this is the first time when you can open it like Twistcap.
22:41 First time we are introducing.
22:42 And it's a very, very premium packaging.
22:45 And we had already launched a five liter party
22:49 keg in the state of Karnataka, which
22:52 has been accepted beautifully in the state, doing pretty well.
22:58 So now next month, we are launching this Woodpecker
23:03 premium beer, which is the also first filtered
23:08 wheat beer as well.
23:10 So with a lot of USPs, we are coming with the premium beer
23:15 market, and we are entering into the top layer of the business.
23:22 Understood.
23:22 Understood.
23:24 You've guided for a revenue of 10,000 crore by 2028.
23:30 Talk to us about the journey for that.
23:32 That's point number one.
23:33 And quickly, I just need to cover the other beers as well.
23:36 With regard to the IT search, anything
23:39 that's come out of the search that you feel
23:43 or which has been communicated to some?
23:47 No, no, we have got all the notices.
23:49 And it doesn't say anything much about this thing.
23:54 As regards our day to day things,
23:57 we do not believe in any kind of hanky-panky business.
24:01 And our business is quite a straight line business.
24:06 So till date, whatever notices, almost all the notices
24:12 have come, it doesn't say anything damaging in a big way.
24:17 Nothing.
24:18 So we are quite confident that nothing
24:25 will affect the company as far as notices are concerned.
24:29 A few explanations they have asked,
24:31 which we are comfortably replying.
24:34 So we are not-- as far as income tax searches,
24:36 nothing for us.
24:41 Few crores maybe in the tax here and there will go.
24:45 That is a routine thing.
24:46 So as it is, we are paying--
24:50 this year we are paying 40% more taxes than the previous year.
24:54 So taxes as it is, we are--
24:55 you see, I believe if you are to really grow in the business,
25:00 then you have to grow by paying the taxes only.
25:04 By paying-- if you pay more taxes, you are growing.
25:07 You are doing more good to you than the nation.
25:10 So especially when you are a listed company,
25:14 the tax payment is quite this thing.
25:21 I should tell you this thing, we are--
25:26 So we take your point.
25:27 So we take your point.
25:29 We completely take your point.
25:31 So no concerns from a tax perspective.
25:33 But sir, apologies, we are going to have to cut this short.
25:37 Thank you so much for speaking with us.
25:39 We will, of course, have a larger conversation
25:42 with how you take your revenue to 10,000 crore.
25:44 I'm looking forward to having you one more time
25:47 on our small and mid-cap show.
25:49 But I'm sorry, we're going to have to let you go.
25:52 Thank you so much.
25:53 We have the management of Nazara Tech.
25:56 They've raised 200-- or they are looking
25:58 to raise 250 crore rupees via QIP.
26:01 872 is the price that they've kept the QIP for.
26:05 We have Nitish Mitharsan, who is the CEO, founder,
26:08 as well as joint MD at Nazara Technologies.
26:10 Welcome to NDTV Profits, sir.
26:13 So Nitish, talk to us the objective of the fundraise.
26:17 Of course, you're still in acquisition mode.
26:19 Fully understand that.
26:21 But talk to us about where these funds are
26:24 going to get deployed directly.
26:26 Sure.
26:27 Just to clarify, it's a referential issue and not a QIP.
26:31 Oh, right.
26:31 Sorry.
26:32 So we had announced earlier in the year
26:36 that we are planning to raise up to INR 750 crores, of which
26:41 in September we had placed 510 crores to Nikhil Kamath
26:46 and to SPI Mutual Fund.
26:49 And now we've concluded this planned fundraise
26:52 by placing another 250 crores.
26:54 The good news is that we've got the subscription
26:57 from our existing market investors,
26:59 including again Nikhil Kamath, ICICI, Prudential Mutual Fund,
27:03 and Fruit as well.
27:05 So I think that gives us a lot of confidence
27:07 that our investors are really backing our strategy.
27:10 And we are very excited about it.
27:13 Cumulatively, now the company has a consolidated cash balance
27:16 of 1,500 crores.
27:17 We are a profitable cash flow generating company.
27:21 And therefore, much of the capital
27:23 will get deployed in new investments and acquisitions.
27:26 Nazara, as you know, has been pretty acquisitive in the past
27:30 as well, quite successful.
27:31 And we see many opportunities in the gaming space in India
27:34 as well as globally, where we can acquire businesses
27:37 and scale them.
27:38 So that's completely our plan as we move into FY25.
27:43 Understood.
27:43 But when I'm looking at your cash balances,
27:46 you have a decent cash balance as well.
27:48 You have a war chest, roughly 500 odd crore.
27:51 Please correct me if I'm wrong.
27:53 So is there some big acquisition planned?
27:56 Is that why this fundraise becomes important for you?
28:01 I don't see much debt.
28:02 So that should not be a concern.
28:05 So at the Nazara parent level, we
28:08 have, including this new fundraise,
28:10 we will have a little bit over 1,000 crores of cash.
28:13 In our subsidiaries, we have another additional 500 crores
28:17 of cash.
28:18 This puts us in a very strong position
28:20 because today, gaming companies globally
28:24 are available at good values for us.
28:26 And we do know how we can actually
28:29 acquire these businesses and scale them significantly
28:32 and profitably.
28:33 So I think we can really use the power of the cash
28:37 we are sitting on to uplift our own business
28:40 through these acquisitions.
28:41 And that's why we have gone and raised this cash.
28:43 We have a strong deal pipeline.
28:46 My team has worked pretty actively over the last year
28:48 to create a healthy pipeline.
28:50 And now we are doing our diligence
28:51 to make sure that the bets we take
28:53 pay off for us and our shareholders.
28:55 Right.
28:56 Any specific geographies, products
28:58 that you are targeting now to add to your suite?
29:01 So for us, India remains a core strategic market.
29:04 And the US is also an important market for us.
29:07 So I think we will either do India-focused acquisitions
29:11 or businesses that are focusing on US as a market.
29:18 We are looking at many game studios which
29:20 have their own gaming IPs, the e-sports space,
29:23 and the ad tech space for playing.
29:27 Sure.
29:28 I get your point.
29:30 Unfortunately, we are totally out of time, Mr. Mithasen.
29:33 So I'll have to wrap this conversation here.
29:35 But it's been a pleasure speaking,
29:37 understanding with regard to the larger, broader fund
29:41 raise strategy, what's happening,
29:43 as well as with the cash balances, what is happening.
29:46 Thank you so much for this quick chat.
29:48 But with that, we're completely out of time on this edition
29:50 of the Small and Mid-Cap Show.
29:52 Thanks so much for watching.
29:53 Stay tuned to NDTV Profit.
29:55 More on the other side, of course.
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